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Kermode Resources Ltd. — M&A Activity 2022
Apr 26, 2022
42496_rns_2022-04-26_ed9cda8f-8b4c-416b-a54c-5a74b98a3a65.pdf
M&A Activity
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“KHRYSOS GOLD” LOI from AURUM VENA MINERAL RESOURCES CORP in BC
Victoria, British Columbia - (April 26, 2022) - Kermode Resources Ltd. (TSXV: KLM) announces a non-binding letter of intent for a purchase option on the KHRYSOS GOLD project from AURUM VENA MINERAL RESOURCES CORP. in BC.
The Project comprises BC mineral title numbers #1088992, 1095266, 1095267, 1095268, which is approximately 750 hectares with potential for significant gold endowment. The Project has logging road access and includes the MINFILE No 082ENE082 KAMI 5 showing. The AURUM VENA MINERAL RESOURCES provide exploration services in BC.
| Timing | Cash | Securities | Exploration or OtherWork Commitments |
|---|---|---|---|
| Signing | $12,000 | 4,000,000 | -- |
| Year 1 | $0 | 4,000,000 | $25,000 |
| Year 2 | $100,000 | 4,000,000 | $500,000 |
There is a 2% net smelter return royalty payable to the vendor where each one percent can be bought-down for $1,500,000. The vendor has a “right of first refusal” for all exploration work contracted by Kermode over the life of the option deal. The vendor has a “Sale Participation Right” whereby they shall receive 10% of any proceeds received by Kermode from any future sale of disposition of any interest in the Property.
Peter Bell, CEO, “This is an aggressive deal with a bullish partner. Milo Mielniczuk worked for Kermode at the Mowich project in April 2022 with a three-day exploration program where he produced video content that documented his work. I think this kind of documentary content alongside field work is very important for exploration success, and I know Milo will make some inspiring videos for this KHRYSOS project. I believe this project has the potential to yield impressive gold numbers and Milo is uniquely positioned to do an exciting work program of intensive exploration of the rich surface showings identified in historical work at the project. I am grateful for the opportunity to work with Milo on this project. I know that he’s wanted to get an interest in these claims for himself for years, and I am grateful to him for allowing Kermode an opportunity to share in them now with this letter of intent to option these claims.”
Find a data room for the KHRYSOS GOLD project online here, http://tiny.cc/KhrysosGold
About Kermode
Kermode is a junior mining company hunting for exploration opportunities around the world.
On Behalf of the Board of Directors, KERMODE RESOURCES LTD
"Peter Bell" President/CEO
For further information please contact: Tel: +1 (250) 588-6939 Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. There is no assurance (i) the conditions to closing the purchase and sale of the Project will be satisfied or waived, or (ii) that the Company will acquire the Project on the terms as outlined above, or at all. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.